Sri Lanka raises retail fuel prices amid West Asia conflict

Sri Lanka has increased retail fuel prices once again due to the ongoing conflict in West Asia and global energy supply disruptions, according to the state oil entity, Ceylon Petroleum Corporation.

The hike in fuel prices was announced on Saturday and came into effect from midnight. This is the fifth such hike that comes after President Anura Kumara Dissanayake repeatedly stressed that the public needs to reduce consumption in the wake of pressures caused by the conflict.

Petrol price has increased by 5.85 per cent, diesel by 3.83 per cent, Ceylon Petroleum Corporation (CPC) said.

The price of diesel has risen by Sri Lankan rupees (LKR) 15 to a new price of LKR 407 per litre, Ceylon Petroleum Corporation (CPC) said in a press release.

Petrol prices now stand at LKR 434 per litre, which was previously priced at LKR 410 per litre, it added.

The price of Kerosene has also been raised by 20 rupees per litre, from 265 rupees to 285 rupees, the official release said.

The new prices apply at all CPC filling stations across the island nation.

Out of the five fuel price hikes between March 1 and May 31, three revisions came between March 1 and 22. Petrol per litre price rose from 293 rupees at the end of February to 434 rupees per litre.

LKR has also been depreciating against the dollar since May, according to the Central Bank of Sri Lanka. 

The apex bank on May 22 said that the rupee had so far depreciated by over 7 per cent. On Saturday, LKR had gained a bit, and the overall depreciation so far this year now stands at over 5 per cent.